What does the 2017 $54,000 retirement limit encompass?

[Aggie1999]

Does the $54,000 retirement fund limit for 2017 include all of the following:

- 401k employee contributions (Roth or standard 401k)
- 401k employer match
- 401k after tax employee contributions
- Traditional/Roth IRA

I'm pretty sure on the first three. Am a bit unsure on the IRA part. Anything other source of funds that count against the limit for the typical person? Thanks.

[terran]

First three, but not the IRA. That's another $5500.

[seattlecyclone]

Correct, the IRA limit is completely separate from the employer plan limit.

[SeattleCPA]

Three other kind of tangential things to know (maybe only for sake of trivia)...

Your elective deferral is personal to you. So if you do, for example, $18K with one employer, you can't do $18K with another employer.

SEP-IRA plans don't count against each other. E.g. it would be an absurd situation, but theoretically you could have two GREAT jobs and each could have a SEP-IRA play making a $54K contribution to your IRA.

Finally, just so you know, if you have a bunch of affiliated entities--say you own three businesses--they typically count as a single employer.

[bada bing]

Another related trivia factoid:

1. The $6000 annual "catch up" contribution limit for being over age 50 is in addition to the $54K all source limit. Over age 50 = $60K  in 2017

[Aggie1999]

Another related question. Do 401k after tax employee contributions for a given tax year have to be contributed during the calendar year or can they be contributed up until tax filing day and count for the previous year?

[SeattleCPA]

Another related question. Do 401k after tax employee contributions for a given tax year have to be contributed during the calendar year or can they be contributed up until tax filing day and count for the previous year?

I think they need to be withheld during the given tax year and then remitted as soon as possible. (I think an employer has an obligation to remit ASAP and may be penalized if an employer's delay causes someone to lose investment profits...)

[seattlecyclone]

Yep, 401(k) contributions have to come out of your paycheck in that calendar year. The provision allowing you to make backdated contributions until your tax deadline is unique to IRAs and HSAs, as far as I know.

[Aggie1999]

Thanks for the info guys. Was hoping I could backdate this now that I found out my 401k allows after tax contributions and in-service transfers. Oh well. My fault for not thinking about this stuff years ago. :)

[Heroes821]

Does that apply to solo 401k? I was under the impression I could contribute until april 15th 2017 for tax year 2016. Also on Vanguard's small business website where I can manage my solo 401k it still lets me select 2016 as the contribution year.